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The purpose of this paper is to investigate the endogeneity effect of state ownership on firm value in Indonesia.

Using a sample of 139 Indonesian non-financial listed companies from 2009 to 2013, this study uses two-stage least square (2SLS) methods.

The results of 2SLS show that state ownership as “continuous measure, dummy variable and after adjusting the outliers” are negatively and significantly influenced firm value, implying that state ownership tends to lower firm value. Moreover, the results also show that U-shaped effect of state ownership with firm value, implying that the size of shareholders by state increases, firm value initially decreases and then increases.

The study intends to provide the shareholders, managers and investors with clear guidance before their investment decisions.

This paper provides evidence that the agency costs may increase in firms with state ownership share.

This is the first paper contributes to the corporate governance literature by investigating the endogeneity effect between state ownership and firm value using 2SLS method in Indonesia.

This paper aims to investigate the relationship between family and institutional ownerships and corporate performance.

Using a panel data of 139 nonfinancial companies listed on the Indonesian Stock Exchange from 2009 to 2013, this study used generalized least square model.

The results show that family ownership has a significant and positive impact on corporate performance, while institutional ownership has significantly and negatively influenced corporate performance. These results imply that family ownership leads to better corporate performance, while institutional ownership leads to lower corporate performance.

Future research would extend to examine different ownership variables, e.g. domestic, foreign and black shareholders ownerships with different performance measures such as profit margin and return on investments (ROI). Then, their results could be compared to the result of this paper.

For shareholders and managers, the result of this study provides a base for shareholder on the importance to have the same understanding as management to improve return of capital invested by them (family capital) through firm’s long- and short-term business decision-making. It is possible for management for doing so because their interest is same. Therefore, this can be an interesting incentive for management. This result of this study also provides practical implication for investors (including international investors) with respect to their funds in the firm with family ownership share. By doing so, they will get better and stable ROI compared to nonfamily-owned business.

This study is original as studies on institutional and family ownerships and corporate performance are limited in the Indonesian context. The use of nonlinearity effect of family ownership and corporate performance in Indonesian case is the first attempt. Therefore, this study contributes to corporate governance literatures by investigating the relationship between family and institutional ownerships and market performance in Indonesian context using the improved methodology.

This paper aims to investigate the effects of board characteristics, audit committee and risk management on corporate performance.

Using a sample of 31 Palestinian non-financial listed companies from 2010 to 2016, this study uses a generalized least square method.

The results show that the effects of board ownership, board independence, audit committee meeting, audit committee size, audit committee financial expertise and risk management are positive and significant on corporate performance while the effects of chief executive officer duality and audit committee size are negative and significant on corporate performance.

The results of this paper are important to policymakers, shareholders and directors of companies to make appropriate choices about the board, audit committee characteristics and risk management to protect the interest of different stakeholders, increase the flow of capital and foreign investment into non-financial companies.

This paper fills a gap in the corporate governance literature by investigating the effects of board characteristics, audit committee and risk management on corporate performance in Palestine as one of the youngest stock exchanges in a region that assists in testing the validity of agency theory in a young and small emerging market context.

This paper is the first to investigate the effects of board characteristics, audit committee and risk management collectively on corporate performance in Palestine as prior research on these topics has been investigated separately.

This study aims to analyze the effect of the board of directors on financial performance, either directly or indirectly, through the existence of risk management after the issuance of the Palestinian Code on Corporate Governance in Palestine.

This study uses a panel data of 31 Palestinian listed companies from 2010 to 2016. It also uses structural equation modeling (SEM) model.

The results of the SEM model show a significant positive relationship of the existence of risk management and the tenure-chief executive officer (CEO) with financial performance. However, CEO duality has a significant negative relationship with financial performance. The results also show a significant positive relationship of CEO duality and board size with financial performance through the existence of risk management.

This study adds to the existing literature by analyzing the effect of the board of directors on financial performance, either directly or indirectly, through the existence of risk management in Palestine, one of the youngest stock exchanges in the region, which assists in testing the validity of agency theory in a young and small emerging Islamic market context.

The results of this paper are significant for shareholders and managers of companies to make proper choices to secure the interests of stakeholders and increase the flow of capital and foreign investment.

To the best of the author’s knowledge, it is one of the first papers to investigate the effect of the board of directors on financial performance, either directly or indirectly, through the existence of risk management in Palestine.

This study aims to investigate the effect of the board of directors on financial performance, either directly or indirectly through the existence of risk management after the issuance of the Palestinian Code on Corporate Governance (PCCG) in Palestine.

This study presents an empirical investigation of 31 nonfinancial Palestinian-listed companies from 2010 to 2016. This study utilizes the structural equation modeling (SEM) model.

The results of the SEM model find that there is a significant positive effect of the existence of risk management and the tenure-Chief Executive Officer (CEO) on financial performance. However, CEO duality has a significant negative effect on financial performance. The results also find that the effect of CEO duality and board size are significantly positive on financial performance through the existence of risk management.

This study adds to the existing literature by investigating the effect of the board of directors on financial performance, either directly or indirectly through the existence of risk management in Palestine as one of the youngest stock exchanges in the region that assists in testing the validity of agency theory in a young and small emerging Islamic market context.

The results of this paper are significant to shareholders and managers of companies to make proper choices in order to secure the interests of stakeholders and increase the flow of capital and foreign investment.

To the best of the authors’ knowledge, it is one of the first papers to investigate the effect of the board of directors and financial performance, either directly or indirectly through the existence of risk management in Palestine.

The purpose of this paper is to investigate the direct and indirect effect of the existence of risk management on the relationship between audit committee and corporate social responsibility (CSR) disclosure in Palestine.

The study utilizes a panel data of 31 Palestinian listed companies from 2010 to 2016. It also utilizes structural equation modeling (SEM) model.

The results of SEM model find a significant positive relationship of the existence of risk management, audit committee meeting and audit committee size with CSR disclosure. However, audit committee financial expertise has a significant negative relationship with CSR disclosure. The results also find a significant relationship of audit committee meeting and audit committee financial expertise with CSR disclosure through the existence of risk management.

This study is important to policymakers, accounting professionals and shareholders on the extent to which audit committee related to such committee efficiency in monitoring CSR disclosure.

This study adds to the existing literature by investigating the direct and indirect effect of the existence of risk management on the relationship between audit committee and CSR disclosure in Palestine as one of the youngest market in region that assists to test the validity of agency theory in a young and small emerging market context.

It is the first study to investigate the direct and indirect effect of the existence of risk management on the relationship between audit committee and CSR disclosure in Palestine.

This study aims to examine the effects of corporate ownership (government-linked investment companies, GLICs), linearity of GLICs, board ownership and linearity of board ownership on company performance.

Using panel data from companies that are listed on the Malaysian Stock Exchange during the period of 2000 to 2009, this study uses weighted least square models.

The results show that GLICs ownership is positively and significantly related to company performance, while board ownership is negatively and significantly related to company performance. These findings suggest that GLICs ownership improves company performance, while board ownership destroys company performance. The results also show that while GLICs ownership has an inverted U-shaped relationship with company performance, board ownership has a U-shaped relationship with company performance.

The theoretical implication of this study is that agency problem decreases in companies with low and high levels of board ownership concentration, while it increases in companies with middle level of board ownership concentration. Furthermore, agency cost decreases in companies with a certain level of GLICs ownership concentration as the government’s New Economic Model (NEM) expects. However, agency cost increases in companies after a certain level of GLICs ownership concentration.

In practical perspectives, this study provides evidence to policy makers that the government’s proposal to reduce GLICs’ investments in Malaysia and diversify them aboard as mentioned in NEM is supported because the decrease in GLICs stakes in certain level may increase company performance. On the other hand, if the policy of the government is to increase GLICs stakes, the company performance may decrease after a certain level of ownership concentration. This study also provides evidence that investors can invest in companies with low and high board ownership concentration. Furthermore, the NEM policy gives investors an opportunity to invest in the companies with GLICs. Reducing GLICs stakes in the Malaysian market and putting them in the international markets, as mentioned in the Malaysian Government’s NEM policy, will create more opportunities for international investors to invest their fund in the Malaysian market. Thus, the emerging markets exist. In addition, the NEM policy also encourages institutional ownerships like domestic and foreign to increase their stakes instead of GLICs in the Malaysian market.

So far, most of the previous studies on GLICs and board ownerships in the Malaysian setting focused on the relationship of the ownership structure with company performance. However, no study has been done to examine the linearity effects of GLICs and board ownerships on company performance. The study is very important to perform to provide the policy makers and investors with clear guidance before their decisions.

The purpose of this research is to ascertain the impact of audit committee (AC) activism and independence on the quality and quantity of environmental, social and governance (ESG) disclosures for energy sector firms in Australia. This paper aims to understand how AC attributes such as meeting frequency, and the number of independent directors influence the compliance with the global reporting initiative (GRI) guidelines and quantity of ESG disclosures.

Bloomberg ESG disclosure scores and company reported AC attributes are collected and analysed using the pooled ordinary least square (OLS) regression framework with Petersen’s (2009) technique by using a two-dimensional cluster at the firm and year level. Further, this paper uses a lagged independent variable and two-stage least square approach to address endogeneity concerns.

The results show a significant positive effect of AC activism and independence on the level of compliance with the GRI guidelines, indicating the favourable effect of AC attributes on ESG reporting quality. Likewise, AC attributes positively affect the quantity of ESG disclosures. Notably, the impact of AC attributes is more pronounced on environmental disclosures.

This paper validates the significance of the management control mechanism in improving the quality and quantity of ESG disclosures for an environmentally sensitive sector, hence offering a potential answer to reduce agency and legitimacy issues for the sensitive industry firms.

This study aims to examine the moderating effect of media exposure and media legitimacy on the environmental audit committee (EAC) regarding environmental disclosure quality as measured by voluntary and timely disclosure.

This paper was based on a sample of 81 French nonfinancial companies listed on the SBF 120 index and covered a six-year period; from 2014 to 2019. To test the hypotheses, a feasible generalized least squares regression was applied. Moreover, the authors checked the results using an additional analysis and the generalized method of moment model for endogeneity problems.

The results obtained show that for 482 French firm-year observations during the period 2014–2019, the media exposure does not play a moderating role between the EAC and the voluntary environmental disclosure; However, it plays a moderating role between the EAC and the timely environmental disclosure. The results also show that media legitimacy plays a moderating role between the EAC and the quality of environmental information. After testing for endogeneity problems, the findings remain unchanged.

The findings of this study may be of interest to academic researchers, practitioners and regulators who are interested in determining the quality of environmental disclosure by considering the role of the EAC while giving a role to media exposure and media legitimacy in the French context. Considering the EAC as a powerful source of effective corporate governance to improve the quality of environmental disclosure for decision-making, the research provides valuable insights for policymakers and managers on the importance of this mechanism and the importance of the environmental media and its tone in making environmental reporting useful and relevant.

The originality of the work lies in the fact that it is one of the first works that deal with the moderating effect of media exposure on the relationship between the EAC and the quality of environmental information disclosure measured by voluntary and timely disclosure. To the best of the authors’ knowledge, no previous empirical studies have been conducted on this relationship in the French context or in other contexts.

This study examines the impact of board composition and ownership structure variables on dividend payout policy in Saudi Arabian firms. In particular, it aims to determine the effect of board size, independence and meeting frequency, in addition to chief executive officer (CEO) duality, and state, institutional, managerial, family, and foreign ownership on both the propensity to pay dividends and dividend per share for Saudi-listed firms over the period 2016–2019.

The paper captures dividend policy with two measures, propensity to pay dividends and dividend per share, and employs a range of regression methods (logistic, probit, ordinary least squares (OLS) and random effects regressions) along with a two-stage least squares (2SLS) model for robustness to account for heteroscedasticity, serial correlation and endogeneity issues. The data set is a large panel of 280 Saudi-listed firms over the period 2016 to 2019.

The results underline the importance of board composition and the ownership structure in explaining variations in dividend policy across Saudi firms. More specifically, there is a positive relationship between the propensity to pay dividends and board-meeting frequency, institutional ownership, firm profitability and firm age, while the degree of board independence, firm size and leverage exhibit a negative relation. Further, dividend per share is positively related to board meeting frequency, institutional ownership, foreign ownership, firm profitability and age, while it is negatively related to CEO duality, managerial ownership, and firm leverage. There is no evidence that family ownership exerts an impact on dividend payout policy in Saudi firms. The findings of this study support agency, signalling, substitute and outcome theories of dividend policy.

This study offers an important insight into the board characteristic and ownership structure drivers of dividend policy in the context of an emerging market. Moreover, the study has important implications for firms, managers, investors, policymakers, and regulators in Saudi Arabia.

This paper contributes to the existing literature by providing evidence on four board and five ownership characteristic drivers of dividend policy in Saudi Arabia as an emerging stock market, thereby improving on less comprehensive previous studies. The study recommends that investors consider board composition and ownership structure characteristics of firms as key drivers of dividend policy when making stock investment decisions to inform them about the propensity of investee firms to pay dividends and maintain a given dividend policy.